Leading today’s roundup of regional news headlines, Sino Group unveils pan-Asian data centre platform Big Data Exchange as the tenant of the Hong Kong-based developer’s industrial project at 38 Wing Kei Road in Kwai Chung.
BDx Leases Sino Group’s Kwai Chung Project for 16MW Data Centre
Sino Group’s latest industrial project in Hong Kong’s Kwai Chung area, 38 Wing Kei Road, will be completed in the second quarter this year and has already signed up a data centre operator as an anchor tenant, according to a Friday announcement.
Big Data Exchange has become the largest tenant and will fit out the 191,307 square foot (17,773 square metre) facility as a data centre campus with up to 16 megawatts of capacity. Read more>>
Far East Consortium Marketing Australian Car Park
Far East Consortium-owned Care Park is offloading another car park from its extensive portfolio in Australia’s Victoria state.
The latest to be listed is the 12-level, 502-bay Central Square car park in Ballarat, offered with a leaseback in place to the operator. Read more>>
Fantasia Finalises Restructuring for $1.3B in Offshore Debt
Fantasia Holdings’ offshore creditors have agreed to swap $1.3 billion, or a third, of their $4 billion debt claims for equity, giving them a majority stake of 52.6 percent in the Chinese developer.
Founder “Baby” Zeng Jie, alongside Gortune Alternative Fund Management and other investors, will also put in $200 million in new money to give her a 45 percent holding in the equity. Read more>>
Hines Lodges Plans for Third Melbourne Build-to-Rent Project
US-based Hines has continued to bet on the build-to-rent sector of the property industry, filing plans for its third Melbourne project with the City of Port Phillip Council.
The lots at 15-29, 31-33 and 35-37 Bank Street will form one 2,900 square metre (31,215 square foot) site with a 18-storey tower of 355 apartments. Read more>>
Luckin Coffee Stakeholder Ares Seeks Slice of Asia’s Private Credit Market
Ares SSG, one of the owners of the once-troubled Luckin Coffee, is eyeing opportunities in Asia as the credit-focused alternative investment manager seeks to meet rising demand for capital in the region.
“Private credit has been a growing asset class across the region as this region continues to be an engine for the world’s growth,” said Edwin Wong, the Hong Kong-based managing partner and CEO of Ares SSG, a subsidiary of Ares Management and one of the largest alternative investment managers in Asia. Read more>>
China Owns Vast Network of UK Real Estate, Offshore Records Reveal
The Chinese government owns a vast network of UK real estate via offshore secrecy jurisdictions such as Luxembourg and the Isle of Man, the Guardian reveals, raising questions about Beijing’s grip on links in the UK supply chain.
Disclosures made as part of a new government register of property owned via offshore entities show that China’s investment division owns more than 250 properties across Britain via dozens of companies. They include distribution centres that are key to the flow of food and goods in multiple regions of the UK, including the southwest and southeast of England and the Midlands. Read more>>
Macrotech Developers Aims to Cut Debt by Nearly 40% in 2023
India’s Macrotech Developers aims to cut its net debt by nearly 40 percent to around INR 5,000 crore ($613.6 million) by the end of this calendar year with the help of surplus cash flow from strong housing sales, a top company official said.
Mumbai-based Macrotech, one of the top real estate firms in the country, markets its properties under the Lodha brand. Read more>>
Mita Koyamacho Redevelopment to Be Completed by 2028
More progress has been made on the Mita Koyamacho West District Redevelopment near Azabujuban station, with the Tokyo governor approving the developers’ rights conversion plans last December.
The 2.5 hectare (6.2 acre) site is located near Azabujuban Station in central Tokyo. It is currently a densely packed neighbourhood filled mostly with small, wooden houses and narrow laneways. Redevelopment discussions began back in 1991. Read more>>
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